BENEFITS OF COACHING
TOP 5 BENEFITS OF COACHING
WHY DO SO MANY COMPANIES AND EXECUTIVES USE COACHING?
The short answer is leadership development. Rather than deal with employee issues and subpar leadership through costly individual interventions and waste resources on higher employee turnover or inefficiency and low productivity, businesses are now focusing resources on the growth of company leaders. With highly focused leaders realizing their potential, the above-mentioned issues are much less likely and the results are better communication, improved confidence, and interpersonal relations, a superior work-life balance, greater personal organization, business and time management, and increased productivity. Each of these improvements is a proven result of executive coaching. By developing great leaders from the start, there is no need for fallout or recovery from bad management, both of which are costly. Develop great leaders instead of cleaning up the messes left by poor leaders. Take the initiative. Invest in coaching and see results.
Executive Coaching is considered the “best-kept secret of fortune-500 companies.” Between 25 and 40 percent of the most successful Fortune-500 companies rely on the coaching of their leadership to further business and profits. This is no surprise to veterans in the coaching industry, considering the extraordinary results that come from taking the time to develop leaders. The profits and reputations of companies that use executive coaching encourage businesses considering this investment in their futures.
Coaching is not just for the big guys. The ROI of executive coaching is high no matter the size of a business. Small companies eager to grow would do well to follow the example of large corporations in this regard. Leaders need to be guided, trained, and developed into even better versions of themselves whether they are leading 5 people of 5000. Based on the current mean ROI of coaching reported by the ICF, coaching can only benefit your company.
Coaching will benefit any leader hoping to make more money and grow their business. The best reason to hire a coach is to have an unbiased person with whom to talk and think through plans and decisions regarding business. Coaches are there to take as much time as you need to go over every detail of issues or changes you have or make. They see your blind spots and offer suggestions for the improvement of both yourself and your business. Businesses fail for a huge range of reasons. Set yourself up for success with executive coaching.
from The ROI of Coaching Jan 2018
WHY WOULD YOU WORK WITH A COACH?
What used to be a method for dealing with troubled staff has become a tried and true way to bring successful businesses to new heights of productivity and profits. Executive coaching is the future of business, and the numbers speak for themselves. Coaches are more than personal cheerleaders. A good coach will inspire and push executives to constantly be motivated, have vision, and get results.
Leadership can be lonely at the top; surrounding yourself with your power team is a strategic decisions. Having your coach in that inner circle is an investment in your sage success. It creates a regular place for you to calibrate with your vision, strategically think through your direction and continually upgrade your performance. According to a recent study by Forbes, the client-reported ROI consistently falls between 340 to 700%. A global survey by PriceWaterHouseCoopers and the Association Resource center reported an average ROI of 7 times the investment.
Top Reasons Why Businesses Fail
from Jessie Hagen, U.S. Bank
General Business Factors
- 78% – Lack of a well-developed business plan, including insufficient research on the business before starting it.
- 73% Being overly optimistic about achievable sales, money required and about what needs to be done to be successful.
- 70% Not recognizing, or ignoring, what they don’t do well and not seeking help from those who do.
- 63% Insufficient relevant and applicable business experience.
- 82% Poor cash flow management skills/poor understanding of cash flow
- 79% Starting out with too little money.
- 77% Not pricing properly – failure to include all necessary items when setting prices
- 64% Minimizing the importance of promoting the business properly.
- 55% Not understanding who your competition is or ignoring the competition.
- 47% Too much focus and reliance on one customer/client.
Human Resource Factors
- 58% Inability to delegate properly – micro-managing work given to others or over delegating and abdicating important management responsibilities.
- 56% Hiring the wrong people – clones of themselves and not people with complimentary skills or hiring friends and relatives.
As a leader, which of these would be most supportive for you?
Coaching supports you to be clear and focused as you lead.
Leaders who are committed and serious about being the BEST work with coaches. Professional athletes have natural skill and talents that take them to great heights, behind them are a long list of coaches to provide perspective, next level upgrades and support. Executive and Leadership Coaching operates in the same way, only for the mind. When you care about on-going development, coaching is a tool to not be without. If you could begin moving in a direction that would bring clarity, focus, and excitement to your life, what would you choose? Let’s get together and talk about what program would serve you or your team/business the best. Schedule a FREE Strategy Coaching Session is available to explore how to take your business, leadership or team to the next level!